The juggernaut that is the Dow Jones Industrial Average closed at a record for the 15th time this year on Wednesday even as overall market breadth suffered, signaling a potential rough patch for U.S. stocks...

Jason Goepfert, president of Sundial Capital Research, tweeted out the following chart to show all the times the Dow bucked the prevailing market trend to end at a 52-week high over the past 25 years [with incidents clustered around 1999 and 2008 right before the market peaked]. The most recent incidence was on Tuesday when the Dow rose to its 14th record finish of the year while the S&P 500 and the Nasdaq remain stuck in red.

...

The breadth problem is not just limited to the Dow. Strategists at Bespoke Investment Group on Tuesday pointed out that even though the S&P 500 SPX, +0.07% rose in September, the average stock in the large-cap index slipped 0.06%, a result of larger stocks outperforming smaller issues.